## IMF Managing Director Kristalina Georgieva’s Remarks at Caixin Summit

_IMF News, November 13, 2020_

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## Bibliographic details
- Published: November 13, 2020

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### Defeat the virus everywhere
- Priority: "to defeat the virus, defeat it everywhere."
- Durable exit from the health crisis is necessary for a sustainable recovery.
- Actions needed:
  - Protect people while the virus persists.
  - Ensure vaccines and treatments are available everywhere.
- China’s role and progress:
  - "As a result of very determined domestic measures, the Chinese economy is going to be one of the very few that will finish 2020 with positive economic growth."
  - IMF projections for China: "1.9% growth for this year and 8.2% for next year."
  - China committed to make vaccines and treatments "global public goods" and joined efforts to accelerate vaccine delivery for all people.
- Observation: "This crisis teaches us that we are only as strong as our weakest link."

### Maintain strong and sustained policy support
- Core message: "do not withdraw fiscal policy support and monetary policy support prematurely."
- China: praised for "strong in early actions -- and also in continuing these actions until we see the health crisis in the rearview mirror."
- Support for low-income countries:
  - China contributed to IMF concessional lending capacity.
  - "47 of the 81 countries that have benefited from financial support from the IMF are low-income countries who are benefiting from concessional finance."
  - "China also joined us in extending debt relief to our 29 poorest members."
- Multilateral debt initiatives:
  - Endorsement of the G-20 Debt Service Suspension Initiative (DSSI): "I urge all creditors everywhere to embrace this initiative."
  - Support for the G-20 Common Framework for debt resolution and engagement with China on solutions for heavily indebted countries.
  - Statement: "Debt restructuring in some cases is a necessity."

### Shape the economy of tomorrow — green, smart, inclusive
- Guiding principle: public investments supporting recovery should "not [reproduce] the economy of yesterday but shaping the economy of tomorrow."
- Three investment priorities:
  - Investment in people: "education, health, social protection" to build resilience.
  - Investment in green infrastructure: "build a low-carbon, climate-resilient economy for tomorrow."
    - China commitment noted: "China’s commitment to go carbon-neutral by 2060."
  - Investment in digital transformation: ensure accelerated digital change "benefits everybody" and tackles inequalities via "equal access to the opportunities of tomorrow."

### Trade and shared benefits
- Trade remains "the engine of growth" and important going forward.
- Challenge: reconcile that "some benefit from global trade, while others see their jobs evaporating."
- Priority: make trade "work for everyone," with an expectation that "China will play its important role in this regard."

### Closing appeal and outlook
- Call for "determined collective action" domestically and globally to recover from the recession.
- Hope for 2021: "a year not only of economic recovery but of economic transformation" that is "greener, smarter, and more inclusive."
- Closing wish: for 2021 to be "the year of transformation that brings us to a better world, for us, but most importantly for our children and our grandchildren."

*IMF Managing Director Kristalina Georgieva’s Remarks at Caixin Summit, November 12, 2020.*

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## References

- [https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)
- [People's Republic of China and the IMF](http://www.imf.org/external/country/CHN/index.htm)
- [Speeches](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2020/11/12/sp111220-managing-director-remarks-at-caixin-summit_